Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 116,635 $ 82,982
Short-term investments 0 50,617
Prepaid expenses and other current assets 5,681 5,272
Total current assets 122,316 138,871
Property and equipment, net 1,585 1,922
Finance lease right-of-use assets 16,519 15,700
Operating lease right-of-use assets 2,453 3,431
Other assets 5,273 5,159
Total Assets 148,146 165,083
Current liabilities:    
Accounts payable 6,382 6,636
Accrued and other current liabilities 12,009 19,298
Finance lease liabilities, current portion 20,631 20,758
Operating lease liabilities, current portion 2,485 3,461
Total current liabilities 41,507 50,153
Finance lease liabilities, net of current portion 3,334 2,879
Total Liabilities 44,841 53,032
Commitments and contingencies (see Notes 5 and 6)
Stockholders’ equity:    
Preferred stock, $0.00001 par value: 10,000,000 shares authorized as of March 31, 2026 and December 31, 2025; no shares issued or outstanding at March 31, 2026 and December 31, 2025 0 0
Voting and non-voting common stock, $0.00001 par value: 300,000,000 (293,590,481 voting and 6,409,519 non-voting) shares authorized as of March 31, 2026 and December 31, 2025; 111,324,796 voting shares issued and outstanding as of March 31, 2026 and 100,479,323 voting shares issued and outstanding as of December 31, 2025 1 1
Additional paid-in capital 663,776 628,982
Accumulated other comprehensive income 0 25
Accumulated deficit (560,472) (516,957)
Total stockholders’ equity 103,305 112,051
Total liabilities and stockholders’ equity $ 148,146 $ 165,083